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Tex, I am a busy, working mum - with a toddler, no expert - but doing doing whatever I can to salvage what I have left and have taken the necessary action; I had reached out for assistance on this/other boards several times, however it's not up to me to disclose the names of those who have come forward, as they may wish to protect their privacy - we have a lawyer of good standing and specialist tunelling construction engineer - both seasoned investors and highly informed individuals/experts in their respective fields - were present, alongside myself and the BoD. Both have added tremendous value to our cause and I am grateful for their assistance. There was 1 shot, time was of the essence and I believe I chose well.
I had gone to the Investor Show in October, with the purpose of meeting ShareSoc and to introduce our situation - before it got out of hand, as I was concerned about the state of play, of late; only 1 other person had contacted them prior about this.. I then followed up after the takeover news hit.
In October my intention was to take purely precautionary measures, in an attempt to ensure the BoD were duly considering shareholders' interest, during their 'strategic review' (as outlined in my initial letter to ShareSoc, which I posted on here - 1st post - following my visit to the show) - evidently not!
Having taken pre-emptive action in October, I was able to mobilise this quickly. All I can say is that talks were very constructive and the best course of action is now being considered, while further information is being gathered - by a panel of experts. Updates will be available on the ShareSoc forum as they transpire and I believe ShareSoc will also be emailing members with viable updates, as they take place. We are trying to strategise carefully and gain momentum, but obviously have only just started and must tread with caution, in order to ascertain the best course of action for the shareholders. This was my way of effectively channelling cohesive efforts, through an organised route. I just hope it all pays off.
Tex2374, I am a heavily invested LTH, with a lot to lose here - like many, so I'm taking action, rather than just doing nothing or merely criticising. I DO NOT work for ShareSoc but believe they can help - if anyone can! Just trying to do whatever I can to prevent complete carnage and salvage WHATEVER's possible. Timing's lousy and time IS of the essence.
I have been in talks with ShareSoc and other highly informed LTHs. A conference call with the BoD @ShareSoc was held yesterday, regarding Sirius Minerals and a dedicated forum has subsequently been set up on their site for the ensuing campaign, which is now being planned. I would urge everyone to join - as a full member (£45) - as they are doing everything they can to seek a viable and optimal solution for us all. They are a non-profit organisation, with a voluntary BoD and the more support/resources they have, the more they will be able to action and ultimately influence. It's a small price to pay for a strong collaboration with an expert team - and I believe, the only shot we have - via an organised and cohesive approach.
As I had said in a previous post, they were the ones who had helped 85,000 shareholders (including myself) at Beaufort Securities, recover all their holdings - fighting against PWC and winning. We are currently trying to ascertain the best direction for the campaign and if there are any other financial/legal experts in the field with extensive knowledge of Sirius, please come forward. Thank you - GLA
There’s really nothing to lose by pushing for a ‘no’ vote - after 18m of interest (Times) and 9m of negotiations; AAL are unlikely to shy away from an increased counter-offer at this stage, which of course buys us valuable time - and scope for an external counter-offer - potentially. AAL have boasted about getting in so cheap and how great it is - and now trying to expedite; I think this gives us the best chance of the best short-term outcome - or at least a fairer price now, without having to drag this out or stick with either (if that was an option)!
Furthermore, let’s not be too quick to dismiss the RI route, as a lot can change in a year or two, following Brexit and a global market recovery, so the chances of successfully revisiting bonds/govt support, etc after having de-risked st.2 with the 1st poly are high. Once that bridge is crossed, at the next £2.5bn hurdle, THEN - at the worst case scenario, once all other options have been exhausted, consider 'recommending' a takeover @5.5p/peanuts - by which time significant further value will be added - and we are all in a stronger position to leverage!
As long as PIs own above 50%, we have a fighting chance; if ShareSoc/boards work with us/together, to get this campaign out there quickly enough, this could be our most viable - and relatively painless - option - the least of all evils I think - to minimise losses, as far as possible. Does anyone know the current ownership ratio?
GLA
Myo, thanks for your reply - and no worries at all - it's a jungle. You are widely respected across this board and most find your input invaluable. Being heavily invested - like many here - the current outcome is debilitating for myself - having bought in mostly at 30p. Hence it's difficult to just sit back and do nothing. That said, I wouldn't want to compromise a more positive outcome from ensuing, so it is difficult to know how to play this, but I think clubbing together and taking any precautionary measures or at least exploring them might be prudent, otherwise we are essentially just sitting ducks. Please continue to keep us posted re your position and should you wish to strategically collaborate at any point somehow, there are many who would support - and very much appreciate this. Fortune favours the ready - although I expect nobody was ready for this - especially JR;)! GOOD LUCK ALL - praying for a turnaround!
As I said, I am new here - and no expert - and just reaching out to anyone who might be able to help. Myo has put out some very informed, balanced posts, in my opinion; I am not on here all the time. I don't want to get political; just trying to progress this.. Anyone credible takers, please come forward. Sorcerer?
Hi Myo, not sure you if you might have missed my post (below) to you on the 10th. Just wondered what your thoughts are in terms of taking immediate action in attempt to safeguard - as far as possible? Would you be happy to collaborate on a campaign? I feel we need to do something, fast. I am no expert, but know you are!
Myo, I am new here and have followed your posts with great interest, over time. I have reached out to ShareSoc and the FCA market abuse team - as a staring point, as I feel we need some heavyweight support to ensure LTHs interests are being adequately considered, and fast! Being a novice investor myself (although heavily invested), I have recommended they speak with you or Sorcerer primarily, for credible/expert input/possible collaboration - to help fight this - I hope you don't mind! Perhaps you could reach out to Mark Bentley or Chris Spencer-Phillips - who I believe is leading this @ShareSoc. We need to fight this and not take this lying down, and there are power in numbers! Thanks so much for all your input to date.
Myo, I am new here and have followed your posts with great interest, over time. I have reached out to ShareSoc and the FCA market abuse team - as a staring point, as I feel we need some heavyweight support to ensure LTHs interests are being adequately considered, and fast! Being a novice investor myself (although heavily invested), I have recommended they speak with you or Sorcerer primarily, for credible/expert input/possible collaboration - to help fight this - I hope you don't mind! Perhaps you could reach out to Mark Bentley or Chris Spencer-Phillips - who I believe is leading this @ShareSoc. We need to fight this and not take this lying down, and there are power in numbers! Thanks so much for all your input to date.
Has anyone reached out to ShareSoc (non-profit org, which represents/supports PIs’ interests)? They were tremendously helpful during the Beaufort Securities fiasco. We need some heavyweight support to ensure LTHs interests are being adequately considered, and fast!
I have also registered this with the market abuse team at the FCA, for investigation, which everyone should do. Power in numbers!
Has anyone reached out to ShareSoc? LTHs need someone to fight their corner now!
This might be a good time to reach out to ShareSoc (non-profit organisation, which represents/supports PIs' interests) given the significant exposure to LTHs. They helped me tremendously (recoup all losses) during the Beaufort Securities fiasco. We need some heavyweight support to ensure LTHs interests are being adequately considered, and quickly. Given CF's comments following the Daily Mail buy-out article, stating there was no intention to privatise, he has misled us yet again.
I had reached out to ShareSoc @end Oct, with the following:
'Currently SM are undergoing a strategic review, following the difficulties in raising st.2 funding. I just want to ensure that shareholders' interests are being duly considered and are at the heart of this review. CEO CF has been somewhat careless/negligent with recent throwaway comments, especially regarding shareholders with the press, which has had an impact on the share price and offended shareholders:
https://www.thisismoney.co.uk/money/markets/article-7589529/Sirius-Minerals-quit-stock-market-says-boss.html
This article was later updated, as his comments were apparently 'taken out of context'. There were follow-up articles stating that there was no intention to privatise, which begs the question - where might the journalist have gotten the idea?! If this is on the radar at all - I'd say we need someone representing us when considering the buy-out price.
He had made a few other derogatory comments which did not help matters prior - putting down the bulletin boards and shareholders, saying they might been misadvised, that it's high risk, that they had initially served a purpose, etc. - perhaps softening/preparing the masses for a larger blow - which is what many shareholders think.
Myself and no doubt the other 85,000 private investors would appreciate if you would review the situation fully and step in to ensure out interests are being looked after. I feel somebody needs to audit CF's actions at this critical time - now we have 5 months of cashflow left, so it really is make or break. I know he is primarily just trying to keep it running and will retain his mammoth salary and the multitude of jobs, but the shareholders who have put everything they have into this cannot be overlooked or minimised.
https://www.sharesoc.org/ - Point of contact is Mark Bentley
They had not taken it on yet because surprisingly, just myself and one other had contacted them to date. With more support/input, I imagine they would mobilise.
Good luck all LTH.